KUALA LUMPUR (Dec 31): Microelectronics components (MECs) maker JHM Consolidation Bhd plans to transfer its listing from the ACE Market to the Main Market of Bursa Malaysia, saying it has met requirements for the transfer.

This includes satisfying the profit track record requirements, having a healthy financial position and liquidity, as well as an adequate public shareholding spread, JHM Consolidation said in a stock exchange filing. 

The group said it achieved an adjusted consolidated profit after tax (PAT) of RM30.03 million for the financial year ended Dec 31, 2018 (FY18) and aggregate adjusted consolidated PAT of RM73.48 million between FY16 and FY18. 

This exceeds the profit requirement for a migration to the Main Market, which includes an aggregate PAT of at least RM20 million for the past three to five full financial years, and a PAT of at least RM6 million for the most recent one.

Meanwhile, the group said it had a positive cash flow from operating activities and no accumulated losses as at FY18, with sufficient working capital for at least 12 months from now. Accordingly, it said it is in a healthy financial position. 

JHM Consolidation’s public shareholding spread is at 45.91%, exceeding the minimum requirement of 25%.

The group said the application to the Securities Commission for the proposed transfer is expected to be made within the next three months.

JHM Consolidation’s share price closed unchanged at RM1.67 today, valuing the group at RM931.19 million.

Over the past one year, the counter has gained by 96.47% from 85 sen.